Nigeria achieves 35% in-country value growth local content in oil, gas

The Minister of State for Petroleum Resources, Mr Timipre Sylva, has said Nigeria has achieved significant growth in-country value addition from less than five per cent in 2010 to 35 per cent in 2021.
Sylva, reported the achievement at a virtual African Local Content Round Table where he said that the feat was achieved through the implementation of local content policy.
“We have set an ambitious target to achieve 70 per cent local content in the oil and gas sector by 2027.
“Our success story in the oil and gas industry has led to a bold step to extend local content to other sectors of the Nigerian economy.
“As a caring African country, we have also considered it necessary to amplify the benefits of local content to our fellow African countries and that is the essence of the African Local Content Roundtable,’’ he said .
He noted that decades of hydrocarbon production in Africa had not translated to the desired economic growth on the continent, adding that over 15 African nations were still producing and exporting crude oil.
He said that the sad reality was that the people had not benefited maximally from the natural resource, either because the proceeds were not optimally managed, or failure to domesticate the core operations of the industry………..TO CONTINUE READING PLEASE CLICK ON

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